Cryptopia Review – Is it a Legit Exchange?

Cryptopia is an innovative trading exchange, which was launched by Adam Clark and Rob Dawson
in 2014. It heavily focuses on creating a fully immersive
cryptocurrency experience for users, making it a one-stop shop for all
trading, information, and news.

There is a lot to enjoy about Cryptopia—from the massive selection of
altcoins to the added functionality of forums and the unique
marketplace.

In particular, traders based in New Zealand will delight at what is being offered, including the ability to deposit local fiat currency.

In this review, we discuss all the major talking points about the
service and its functions. And ultimately, we’ll find out whether or not
it suits your cryptocurrency needs.

Currency Support

Cryptopia’s currency support varies, depending on what you look for in a cryptocurrency trading exchange.

The first thing to note is that there are minimal fiat currency
options. Deposits continue to be available for users with a bank account
in New Zealand, even though NZD deposits and withdrawals are still a
little time-consuming. These transactions manually process via an online
support ticket.

You need to provide bank details on their contact form and request a
deposit or withdrawal. Once you agree to the terms, your account is
credited with an amount of NZDT (Tether), which is equivalent to fiat
funds. The minimum deposit amount is $25 NZD.

For a much smoother experience, it is advisable to move the funds via
your chosen cryptocurrency. As you would expect, this automatic process
is much speedier, and it occurs in minutes, rather than days. Over 400+
cryptocurrencies are available to deposit, withdraw, and trade. And of
course, they include Bitcoin, Litecoin, and Ethereum.

Fees

The Cryptopia fees are not always easy to find on the website, so
they remain a little unclear. This ambiguity is particularly strange,
considering how much they seem to value in-depth information and
usability.

The market-trade fee is pretty reasonable: It’s a static 0.20% for
every trade, which is around the industry standard. Although there is no
stated withdrawal fee, it can still become a costly experience,
depending on which blockchain
you use. Bitcoin will sting you with a high rate, which (at the time of
this writing) could increase to 0.002 BTC or $35 USD / $50 NZD.

I don’t think that this increase is necessarily Cryptopia’s fault.
Rather, it’s an indication about the overall state of cryptocurrency.

If possible, it could be a good idea to trade funds into Litecoin for
withdrawal, as it is cheaper and faster. Right now, that’s not a bad
option for saving money when moving funds around. Naturally, this
solution is not for you if you are looking to hold Bitcoins in a hardware wallet long-term. It also presents liquidation problems for some users, but it is far easier to sell Bitcoin in fiat than any other altcoin.

Customer Support

Customer support is continually a real sticking point for virtually
every cryptocurrency operation. Parabolic growth in user bases makes it
really tough for companies to keep up with demand, including Cryptopia.

General queries are made via a contact form, so urgent support
tickets don’t provide a relaxing experience. However, a hefty FAQ page
and accompanying forum accompanying are provided, which are ideal when
trying to find out general information about trading and cryptocurrency.

Worryingly, reports of almost nonexistent customer support leave a cloud hanging over an otherwise-impressive service.

Public Opinion / Online Reviews

Cryptopia is generally well-regarded by its users. Therefore, many
users have great things to say about the service. Once you’ve had time
to play with all the features and functions, the usability is amazing,
and there is so much to see and do. Crypto traders love the extra
functionality, combined with the mindboggling selection of altcoins.

Users have expressed frustration about the customer support regarding
Bitcoin withdrawals—since they have a slow response time, if any at
all. It is important to understand that Bitcoin withdrawals are not
completely free, but one imagines that the charge is out of Cryptopia’s
control.

Generally, it is quite difficult for users to pin down exact fee
listings, so there is currently no information available about creating
an online account.

While most of the problems and frustrations with Cryptopia are valid,
they appear to be more symptomatic of the cryptocurrency industry as a
whole. Otherwise, it is a well-regarded, trusted website that offers
much more than just a Bitcoin trading exchange.

Added Functions

I really like that Cryptopia has a large selection of features. The
marketplace is unique, which allows users to buy and sell any items as
they wish. It’s kind of like a new Crypto-eBay.

However, there’s some pretty odd stuff on there: Does anyone really want to buy bee glue and ether at the same time?

Nevertheless, there is a dearth of information available on this
site. The design is well-thought-out, and you won’t end up with a
million tabs open.

Conclusion: Is It a Good Exchange?

Especially for customers based in New Zealand, Cryptopia is a pretty
good option for cryptocurrency trading exchanges. There is so much
occurring on this site that you could spend hours just reading,
researching, and finding new coins.

While the site does suffer from the usual Bitcoin problems, you are
likely to have a smooth experience, if you are willing to find
workarounds and trade altcoins. The minimal customer support for fiat
currency means that you really have to stay current about the
cryptocurrency realms, which probably won’t be a problem for most
regular traders.

Overall, the depth of the website makes it a really exciting prospect
for the future, and I will certainly be keeping an eye on all
developments.